WHICH INTERNATIONAL INVESTMENT PROTECTION RULES DOES CYPRUS ADOPT?
At an EU level, a comprehensive EU investment policy is implemented, allowing the EU to negotiate investment protection agreements itself.
International investment law aims to protect the owner of tangible or intangible assets who transfers them from one country to another to generate wealth from their use in that country. The safeguards relating to the protection for foreign investment and proprietary rights afforded by international investment law comprise the requirement of nondiscrimination, the prohibition of confiscatory taxation, the standard treatment of foreign investors, and the doctrine of abuse of rights. Cyprus, a renowned international business center, is a signatory to a significant number of the major international conventions and treaties and has incorporated a plethora of acknowledged concepts and practices of international investment rules into its national legal order.
How do investment treaties protect parties directly investing in Cyprus?
BITs and MITs generally contain similar investor protections. The most common protections found in these instruments are:
• Protection from expropriation without compensation;
• Most favored nation provisions;
• National treatment provisions;
• Fair and equitable treatment;
• Full protection and security; and Free transfer of investment and returns.